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SEGMENT INFORMATION | 6 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION Our chief operating decision maker (“CODM”), the Chief Executive Officer, manages business activities as a single operating and reportable segment at the consolidated level. The CODM reviews and utilizes consolidated financial information, including revenue, gross profit, operating loss and net loss as reported on the condensed consolidated statements of operations, to assess performance and allocate resources to support strategic priorities. Condensed consolidated net loss is our segment’s primary measure of profit or loss. The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets. Our CODM reviews the following significant segment expenses, which are each separately disclosed and presented in the condensed consolidated statements of operations: cost of revenue for product, cost of revenue for subscription services, research and development expenses, sales and marketing expenses, and general and administrative expenses. Other segment items within condensed consolidated net loss include restructuring and impairment expenses, other income (expense), net and income tax provision. Other significant noncash segment expenses include stock-based compensation, depreciation and amortization and fair value adjustments on warrant liabilities. Disaggregation of Revenue The following table depicts the disaggregation of revenue by geographic areas and major product offerings and geographies and is consistent with how the CODM evaluates its financial performance (in thousands):
| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Americas 1 |  |  |  |  |  |  |  |  |  |  |
Product revenue | $ | 20,937 |  |  |  | $ | 21,845 |  |  |  | $ | 43,689 |  |  |  | $ | 46,424 |  |
Service and subscription | 14,988 |  |  |  | 16,680 |  |  |  | 29,347 |  |  |  | 31,389 |  |
Total revenue | 35,925 |  | 57 | % |  | 38,525 |  | 54 | % |  | 73,036 |  | 57 | % |  | 77,813 |  | 54 | %
EMEA |  |  |  |  |  |  |  |  |  |  |
Product revenue | 10,849 |  |  |  | 12,455 |  |  |  | 20,832 |  |  |  | 25,974 |  |
Service and subscription | 8,423 |  |  |  | 11,299 |  |  |  | 16,905 |  |  |  | 20,701 |  |
Total revenue | 19,272 |  | 31 | % |  | 23,754 |  | 33 | % |  | 37,737 |  | 30 | % |  | 46,675 |  | 32 | %
APAC |  |  |  |  |  |  |  |  |  |  |
Product revenue | 3,582 |  |  |  | 4,978 |  |  |  | 8,384 |  |  |  | 9,533 |  |
Service and subscription | 2,209 |  |  |  | 2,226 |  |  |  | 4,311 |  |  |  | 4,825 |  |
Total revenue | 5,791 |  | 9 | % |  | 7,204 |  | 10 | % |  | 12,695 |  | 10 | % |  | 14,358 |  | 10 | %
Consolidated |  |  |  |  |  |  |  |  |  |  |
Product revenue | 35,368 |  |  |  | 39,278 |  |  |  | 72,905 |  |  |  | 81,931 |  |
Service and subscription | 25,620 |  |  |  | 30,205 |  |  |  | 50,563 |  |  |  | 56,915 |  |
Royalty 2 | 1,727 |  | 3 | % |  | 2,363 |  | 3 | % |  | 3,534 |  | 3 | % |  | 5,265 |  | 4 | %
Total revenue | $ | 62,715 |  | 100 | % |  | $ | 71,846 |  | 100 | % |  | $ | 127,002 |  | 100 | % |  | $ | 144,111 |  | 100 | %
1 Revenue for the Americas geographic region outside of the United States is not significant. 2 Royalty revenue is not allocatable to geographic regions. Revenue by Solution
| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2025 |  | % |  | 2024 |  | % |  | 2025 |  | % |  | 2024 |  | %
Primary storage systems | $ | 10,968 |  |  | 17 | % |  | $ | 12,204 |  |  | 17 | % |  | $ | 23,497 |  |  | 18 | % |  | $ | 29,798 |  |  | 21 | %
Secondary storage systems | 19,778 |  |  | 32 | % |  | 23,333 |  |  | 33 | % |  | 38,285 |  |  | 30 | % |  | 39,744 |  |  | 27 | %
Device and media | 7,550 |  |  | 12 | % |  | 7,827 |  |  | 11 | % |  | 17,492 |  |  | 14 | % |  | 17,428 |  |  | 12 | %
Service | 22,692 |  |  | 36 | % |  | 26,119 |  |  | 36 | % |  | 44,194 |  |  | 35 | % |  | 51,876 |  |  | 36 | %
Royalty | 1,727 |  |  | 3 | % |  | 2,363 |  |  | 3 | % |  | 3,534 |  |  | 3 | % |  | 5,265 |  |  | 4 | %
Total revenue 1 | $ | 62,715 |  |  | 100 | % |  | $ | 71,846 |  |  | 100 | % |  | $ | 127,002 |  |  | 100 | % |  | $ | 144,111 |  |  | 100 | %
1 Subscription revenue of $6.4 million and $5.0 million was allocated to primary and secondary storage systems for the three months ended September 30, 2025 and 2024, respectively. Subscription revenue of $2.9 million and $4.1 million was allocated to primary and secondary storage systems for the six months ended September 30, 2025 and 2024, respectively. Net Loss The following table shows reported segment revenue, segment profit or loss, and significant segment expenses were as follows: (in thousands):
| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Total revenue | $ | 62,715 |  |  | $ | 71,846 |  |  | $ | 127,002 |  |  | $ | 144,111 |
Total cost of revenue | 39,163 |  |  | 41,201 |  |  | 80,736 |  |  | 86,410 |
Gross profit | 23,552 |  |  | 30,645 |  |  | 46,266 |  |  | 57,701 |
Gross margin | 37.6 | % |  | 42.7 | % |  | 36.4 | % |  | 40.0 | %
Operating expenses |  |  |  |  |  |  |
Salaries & fringe 1 | 16,731 |  |  | 21,244 |  |  | 34,733 |  |  | 42,667 |
Outside services 2 | 4,763 |  |  | 7,690 |  |  | 12,439 |  |  | 20,884 |
Infrastructure 3 | 2,330 |  |  | 2,882 |  |  | 4,852 |  |  | 5,790 |
Operational costs 4 | 2,060 |  |  | 2,440 |  |  | 4,392 |  |  | 4,796 |
Restructuring | 3,193 |  |  | 383 |  |  | 5,616 |  |  | 1,574 |
Other 5 | 2,633 |  |  | 1,563 |  |  | 4,987 |  |  | 4,350 |
Total operating expenses | 31,710 |  |  | 36,202 |  |  | 67,019 |  |  | 80,061 |
Loss from operations | (8,158) |  |  | (5,557) |  |  | (20,753) |  |  | (22,360) |
Other income (expense), net | (185) |  |  | (1,334) |  |  | (616) |  |  | (1,375) |
Interest expense | (6,227) |  |  | (6,131) |  |  | (12,743) |  |  | (9,921) |
Change in fair value of warrant liabilities | 1,525 |  |  | 3,550 |  |  | 1,525 |  |  | 5,216 |
Loss on debt extinguishment | (33,254) |  |  | (2,308) |  |  | (30,695) |  |  | (3,003) |
Loss before income taxes | (46,299) |  |  | (11,780) |  |  | (63,282) |  |  | (31,443) |
Income tax provision | 157 |  |  | 370 |  |  | 380 |  |  | 605 |
Net loss | $ | (46,456) |  |  | $ | (12,150) |  |  | $ | (63,662) |  |  | $ | (32,048) |
1 Salaries & fringe includes spend on contractors. 2 Outside services includes contractor, recruiting and legal expenses. 3 Infrastructure includes property related expenses, including fixed and variable lease expense, telecommunications and depreciation. 4 Operational costs include dues and subscriptions, computer expenses, office supplies and other miscellaneous items. 5 Other segment items includes travel related spend, marketing expense, taxes, fees and other miscellaneous items.

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- Definition The entire disclosure for reporting segments including data and tables. 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